Shell: Peak oil in 7 years

by mtippett | January 27, 2008 at 07:15 pm

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Shell is calling peak oil will begin in 2015. Will the days of cheap, easy motoring be over so soon or will we just go nuclear? Neither scenario bodes well for a world that seems unable to stop consuming.

World demand for oil and gas will outstrip supply within seven years, according to Royal Dutch Shell.

The oil multinational is predicting that conventional supplies will not keep pace with soaring population growth and the rapid pace of economic development.

Jeroen van der Veer, Shell's chief executive, said in an e-mail to the company's staff this week that output of conventional oil and gas was close to peaking. He wrote: "Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand."